Sarkozy Names Pay ( Trader ) Regulator

Michel Camdessus, the Frenchman who tried to keep Russia's finances under control as head of the International Monetary Fund a decade ago, is back in the regulator seat, this time to supervise the wages of France's best-paid traders.

The 76-year-old economist was named France's "pay czar" on Tuesday by President Nicolas Sarkozy as part of a broader move to police the banking industry. He tackled some of the IMF's biggest-ever country bailouts when he ran the international organization from 1987 to 2000. Among them were Indonesia, Russia and Argentina.